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How can I open a Zerodha trading and demat account as an NRI?

NRI (Non-Resident Indian) trading accounts can only be opened offline² unlike regular accounts that can be opened online. There are two types of NRI accounts:

  1. PIS (Portfolio Investment Scheme) account: This account requires a permission letter from the RBI through one of our partner banks (HDFC, IndusInd, IDFC First, Axis, Yes bank). With this account, you can use funds from both NRO (non-repatriable) and NRE (repatriable) bank accounts for investing.
  2. Non-PIS account: This does not need any special permissions or specific banks. However, only funds from NRO bank accounts can be used for investing. We recommend Non-PIS accounts due to lower costs, fewer restrictions, and an easier investing experience.

PIS vs. Non-PIS account

PIS Non-PIS (recommended)
Investments can be made from both NRE and NRO bank accounts. Only NRO accounts are supported.
The NRE/NRO account should be with a partner bank: HDFC, IndusInd, IDFC First, Axis, or Yes NRO account can be with any bank.
PIS permission letter from RBI has to be obtained via the partner bank. No permission letter is required.
Funds from your bank account have to be transferred to your PIS first. Your bank conveys this information to Zerodha, after which, the funds become available in your trading account. This can take up to one working day. Funds for investing can be transferred from the NRO account instantly to the trading account using net banking. More efficient than PIS accounts.
Brokerage is 0.5% or Rs 200 per executed order, whichever is lower.
Brokerage is 0.5% or Rs 100 per executed order, whichever is lower.
Bank deducts and pays TDS on short term capital gains (15%) and long term capital gains (10% above Rs 1lk per year). Banks charge up to Rs 300 per contract note (per day of trading). We handle TDS on your account and charge. There are no additional charges for collecting and reporting TDS.
Banks charge an additional AMC (Annual Maintenance Charge) of up to Rs 1500 per year. Standard AMC of Rs 500+GST per year applies.

The global restrictions on maximum foreign/NRI shareholding in a company by RBI are applicable. For example, if HDFC Bank has hit the cap of maximum foreign shareholding, no new NRI PIS purchases will be allowed in the stock. No such restrictions.
Direct mutual fund investments are not available. Direct mutual fund investments are available.
BTST (Buy Today Sell Tomorrow) is not available. BTST will be available soon.


If the KYC status of the NRI is "non-resident", there is no need to notarise documents required for opening an account. If it is not, the documents need to be notarised by the Indian embassy or any other competent authority such as authorized officials of overseas branches of scheduled commercial banks registered in India, public notaries, court magistrate, judge, or the Indian embassy or consulate general in the country that they reside in the country where the NRI resides.

If you are unsure, please create a ticket by mentioning your PAN and date of birth to check the KYC status.

How to open an NRI account (non-PIS and PIS)

To open the more popular NRI Non-PIS trading account, the following documents need to be signed and couriered to our office.

  1. NRI account opening form ( PDF ).
  2. Declaration of P.O. box of your country of residence ( PDF ).
  3. Foreign Account Tax Compliance Act (FATCA) declaration form (PDF).
    Tax Identification Number (TIN) must be filled in the FATCA declaration. The common TIN's are as follows: For USA - SSN, EIN or ITIN, for Canada – SIN, for UK - UTR or NINO, for Singapore - NRIC or FIN, for Australia - TFN. TIN's for other countries can be found by visiting the OECD website. Submit tax identity proof if applicable.
  4. Foreign Exchange Management Act (FEMA) declaration form ( PDF ).
  5. Client details and declaration form ( PDF ).
  6. The self-declaration (PDF) needs to be submitted if there is a minor mismatch in the name between the supporting documents.
  7. Copy of your passport.
    1. In the case of an Indian passport, a copy of the valid passport with the place of birth as India and a copy of the valid visa.
    2. In the case of a foreign passport: a copy of the valid passport and a copy of the PIO/OCI card.
  8. Copy of your PAN card¹.
  9. Copy of overseas address proof¹.
    1. Any of the following: Driving licence; Foreign passport; Utility bills; Bank statement; Notarised copy of rental agreement/lease/sale deed; Mariner’s declaration or certified copy of Continuous Discharge Certificate (CDC) in case of Merchant Navy NRIs.
  10. Copy of Indian address proof, if you have one.
  11. A passport size photograph.
  12. A cancelled cheque of the  NRO/NRE bank account.
  13. ID proof of nominee in case you are adding a nominee.
    1. Copy of Aadhaar, voter ID, driving licence etc. are sufficient.
  14. Demat Debit and Pledge Instruction (DDPI), optional (PDF) . The DDPI allows brokers to debit shares from the demat account. See, What is Demat Debit and Pledge Instruction (DDPI)? Alternatively, shares can be sold without the DDPI using the CDSL TPIN. See How do I generate the CDSL TPIN required to authorise my CNC sell transactions?

The following are required for PIS accounts only:

  1. An NRE or NRO (Non-Resident Ordinary) bank account with one of these banks: HDFC Bank, IndusInd Bank, IDFC FIRST Bank, Yes Bank, or Axis Bank.
  2. Copy of the PIS (Portfolio Investment Scheme letter) obtained from your bank.

Please courier the documents to:

153/154, 4th Cross, J.P Nagar 4th Phase,
Opp. Clarence Public School,
Bengaluru - 560078

  • An account opening fee of Rs: 500 will be charged to your trading account once it is opened. For all NRI account-related charges and fees, see What are the charges for NRI accounts at Zerodha?
  • Once we receive the documents, it takes 24-48 hours for the account to be opened. You will receive status updates via e-mail and our NRI desk will get in touch with you over the phone.


As part of the mandatory In-Person Verification(IPV) requirement for all brokers, Webcam or a physical verification is required for NRI accounts. See What is In-Person Verification (IPV), and why is it required?

Need help?

Call our NRI desk on +91-080 4719 2020 or create a ticket below.

F&O trading (equity, currency, or commodity) trading is not available by default with NRI accounts. F&O trading requires a Custodial Participant (CP) code with our partner for custodial services, Orbis Financial services. See Can a Non-resident Indian (NRI) trade in futures and options (FnO)?


¹ Copy of PAN card, passport, and foreign address proof to be self-attested and notarized by the Indian embassy or any other competent authority like authorized officials of overseas branches of scheduled commercial banks registered in India, public notaries, court magistrate, judge, or the Indian embassy/consulate general in the country that they reside in the country where the NRI resides. The attesting authority should affix a "verified with original" stamp, name, designation, authority/employee code, signature and date on the said documents.

²The latest immigration copy is required if the client is in India and submitting the documents to the Zerodha branch.